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DATABANK
The Fast Lane
IN MONTEREY THIS PAST AUGUST, RM Auctions’ sale of classic cars became the highest grossing ever when 87 percent of the 120 vehicles
on offer sold for a combined $125 million, with more than a dozen cars setting benchmarks for individual models. Among these was a 1967
Ferrari 275 GTB/4*S N.A.R.T. Spider, which brought $27.5 million. The month before, a 1954 Mercedes-Benz W196R Formula 1 sold for $29,650,095 at
Bonhams’ Goodwood Festival of Speed sale in England, the highest price paid for a car at auction. (The figure was topped in October when Connecticutbased collector Paul Pappalardo sold a 1963 Ferrari 250 GTO to an unnamed buyer for $52 million, setting a new private sale record.) As anomalous
as such astronomical prices may seem, they are part of an overall upward trend in classic car sales. To take the temperature of the red-hot auto
market, we looked at data from more than 20,000 sales by 23 auction houses that specialize in classic cars over a 15-year period from 1998 to 2012.
While the highest prices have been achieved since then, new records may very well be set at the Scottsdale sales January 12–19. BY ROMAN KRAEUSSL
88
A 1967 Ferrari 275 GTB/4*S N.A.R.T. (North American Racing Team) Spider, above, was
sold for $27.5 million (est. $14–17 million) by RM Auctions this past August, setting an
auction record for the Italian automaker. The car, one of only 10 built, retailed for less
than $15,000 in the 1960s. A 1957 Ferrari 250 Testa Rossa, left, brought $16.4 million at
Gooding & Co.’s Pebble Beach auction in August 2011.
SALES BY MAKE AND MODEL, 1998–2012
The majority of classic cars sold are by American automakers
Chevrolet and Ford. When it comes to value, however, Ferrari leads
the way, followed by Mercedes-Benz.
Mercedes-Benz
Plymouth
Rolls-Royce
Shelby
Other
BY
N
Over 15 years, Ferraris have performed the best by far even in volatile
financial markets. Muscle cars such as the Plymouth 1969 Road
Runner, the 1971 Superbird 440, or the 1971 Barracuda have shown
more market variability but still proved to be wise investments. A 1968
Dodge Charger R/T 440, for example, was sold in 2001 for $39,000
and fetched $170,000 a decade later.
Aston Martin
Cadillac
Chevrolet
Ferrari
Ford
Jaguar
TOP 10 MAKES
CLASSIC CAR SALES, 1998—2012
U
LES 199
OF SA
8–2
ER
01
B
3.9%
2
M
3.9%
3.5%
3.1%
2.7%
21.9%
35.9%
Ferrari Index
Volume in USD
Pre-1949 Car Index
49.8%
600
400
300
250
300
200
200
150
100
USD (millions)
500
350
TOP 10 MA
KE
SB
Y
450
400
IN USD 1998–20
12
UE
L
5.4% 4.2%
VA
2000
2002
2004
2006
2008
2010
10.0%
2.9%
2.5%
29.6%
22.1%
10.0%
0
0
10.4%
4.0% 4.4%
3.9%
100
50
1998
6.3%
Muscle Car Index
2012
3.8%
5.6%
Aston Martin
Bentley
Cadillac
Chevrolet
Ferrari
Ford
Jaguar
Mercedes-Benz
Rolls-Royce
Shelby
Other
ART+AUCTION JANUARY 2014
| BLOUINARTINFO.COM
FROM TOP: RM AUCTIONS; GOODING & COMPANY
All Classic Cars Index
A 1954 Mercedes-Benz W196R Formula 1 single-seater,
once driven by Argentine racing legend Juan Manuel
Fangio, became the most expensive car ever sold at auction
when it achieved $29,650,095 at Bonhams’ Goodwood
Festival of Speed sale in England this past July.
TOP 20 CLASSIC CAR AUCTION SALES
Eight of the top 10 marques have set individual records during the past 24 months. The newest car on our top-20 list, aside from the McLaren Formula 1
racing car, is the 1968 Ford GT40 Lightweight; it and the Duesenberg roadster are the only non-European cars to crack the upper echelons of this market.
BONHAMS
89
RANK
MAKE/MODEL
YEAR
PRICE IN USD
AUCTIONEER/LOCATION
YEAR SOLD
1
Mercedes-Benz W196R Formula 1
1954
$29,650,095
Bonhams, U.K.
2013
2
Ferrari 275 GTB/4*S N.A.R.T. Spider
1967
$27,500,000
RM Auctions, USA
2013
3
Ferrari 250 Testa Rossa
1957
$16,390,000
Gooding & Co., USA
2011
4
Ferrari 340/375 MM Berlinetta Competizione
1953
$12,747,600
RM Auctions, Italy
2013
5
Ferrari 250 Testa Rossa
1957
$12,168,300
RM Auctions, Italy
2009
6
Mercedes-Benz 540K Special roadster
1936
$11,770,000
Gooding & Co., USA
2012
7
Ferrari 250 GT LWB California Spider Competizione
1960
$11,275,000
Gooding & Co., USA
2012
8
Ford GT40 Gulf/Mirage lightweight racing car
1968
$11,000,000
RM Auctions, USA
2012
9
Ferrari 250 GT SWB California Spyder
1961
$10,962,900
RM Auctions, Italy
2008
10
Duesenberg Model J LWB Coupe
1931
$10,340,000
Gooding & Co., USA
2011
11
Mercedes-Benz 540K Special roadster
1937
$9,680,000
RM Auctions, USA
2011
12
Ferrari 250 GT 14-Louver Berlinetta
1957
$9,460,000
Gooding & Co., USA
2013
13
Alfa Romeo Tipo C 8C-35 50013 “ex-Tazio Nuovolavi”
1935
$9,385,620
Bonhams, U.K.
2013
14
Ferrari 330 TRI/LM Testa Rossa Spyder
1962
$9,283,590
RM Auctions, Italy
2007
15
Ferrari 375 MM Spider
1953
$9,075,000
RM Auctions, USA
2013
16
Bugatti Type 57SC Atalante
1937
$8,745,000
Gooding & Co., USA
2013
17
Ferrari 250 GT SWB California Spyder
1962
$8,580,000
RM Auctions, USA
2012
18
McLaren Formula #1
1997
$8,470,000
Gooding & Co., USA
2013
19
Mercedes-Benz 680S Torpedo roadster
1928
$8,250,000
RM Auctions, USA
2013
20
Mercedes-Benz 540K Special roadster
1937
$8,057,190
RM Auctions, U.K.
2007
FOR OTHER INDICES AND MORE THAN 4.8 MILLION FINE ART AND DESIGN AUCTION RESULTS, GO TO ARTSALESINDEX.ARTINFO.COM